DALLAS--(BUSINESS WIRE)--Mar. 28, 2018--
CIM Commercial Trust Corporation (NASDAQ|TASE: CMCT), a real estate
investment trust (REIT) that principally acquires, owns, and operates
Class A and creative office assets in vibrant and improving urban
communities throughout the U.S., has announced that the estimated net
asset value per share of common stock of CIM Commercial Trust
Corporation increased to $23.96 as of December 31, 2017, as compared to
$23.14 as of December 31, 2016. In addition to the increase in estimated
net asset value per share, CIM Commercial Trust Corporation declared a
total of $3.58 in regular and special dividends per share of common
stock in 2017.
“Our high-quality Class A and creative office portfolio is well situated
in high barrier to entry, gateway markets and was 95.3% leased at the
end of 2017,” said Charles Garner, CEO of CIM Commercial Trust
Corporation. “We are targeting 4% to 6% annualized same-store NOI growth
through 2022 driven by contractual rent increases as well as anticipated
increases to below market in-place rents.”
The estimated net asset value per share of $23.96 was calculated by the
operator of CIM Commercial Trust Corporation, an affiliate of CIM Group,
L.P., relying in part on appraisals of CIM Commercial Trust
Corporation’s real estate assets and the assets of its lending segment.
CIM Commercial Trust Corporation posted an investor presentation with
additional information to its website at http://shareholders.cimcommercial.com/.
ABOUT CIM COMMERCIAL TRUST CORPORATION
CIM Commercial Trust Corporation is a real estate investment trust
(REIT) that principally acquires, owns, and operates Class A and
creative office assets located in vibrant and improving urban
communities throughout the U.S. Its properties are primarily located
in Los Angeles, the San Francisco Bay Area and Washington, D.C. CIM
Commercial Trust Corporation is operated by affiliates of CIM Group,
L.P., a vertically-integrated owner and operator of real assets with
multi-disciplinary expertise and in-house research, acquisition, credit
analysis, development, finance, leasing, and asset management
capabilities. www.cimcommercial.com
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements." You can
identify these statements by the fact that they do not relate strictly
to historical or current facts or discuss the business and affairs of
CIM Commercial Trust Corporation on a prospective basis. Further,
statements that include words such as "may," "will," "project," "might,"
"expect," "target," "believe," "anticipate," "intend," "could," "would,"
"estimate," "continue," "pursue," or "should" or the negative or other
words or expressions of similar meaning may identify forward-looking
statements. Statements relating to estimated net asset value are also
forward-looking statements, as they involve the implied assessment,
based on certain valuations, estimates and assumptions, that the assets
owned by CIM Commercial Trust Corporation can be profitably developed,
operated and/or sold in the future.
These forward-looking statements are necessarily estimates reflecting
the judgment of CIM Commercial Trust Corporation. These forward-looking
statements involve known and unknown risks, uncertainties and other
factors, including those described in CIM Commercial Trust Corporation’s
public filings with the Securities and Exchange Commission, which may
cause CIM Commercial Trust Corporation’s future results, performance or
achievements to materially differ from those expressed in, or implied or
projected by, the forward-looking statements.
As you read and consider the information herein, you are cautioned to
not place undue reliance on these forward-looking statements. These
forward-looking statements are not guarantees of performance or results
and speak only as of the date hereof. CIM Commercial Trust Corporation
undertakes no obligation to publicly update or release any revisions to
these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, except as required by law.
FREE WRITING PROSPECTUS
Filed Pursuant to Rule 433
Dated March 28, 2018
Registration
Statement No. 333-210880
CIM Commercial Trust Corporation has filed a registration statement
(including a prospectus and prospectus supplements) with the Securities
and Exchange Commission for the offering to which this communication
relates. Before you invest, you should read the prospectus and the
prospectus supplements in that registration statement and other
documents CIM Commercial Trust Corporation has filed with the Securities
and Exchange Commission for more complete information about CIM
Commercial Trust Corporation and the offering. You may get these
documents for free by visiting CIM Commercial Trust Corporation’s
website at http://shareholders.cimcommercial.com/
. Alternatively, you may request to receive a prospectus by calling
toll-free at 1-866-341-2653. You may also access the prospectus for free
on the Securities and Exchange Commission website at:
https://www.sec.gov/Archives/edgar/data/908311/000162828018003261/a424b3supplement11-seriesa.htm
View source version on businesswire.com: https://www.businesswire.com/news/home/20180328005561/en/
Source: CIM Commercial Trust Corporation
For CIM Commercial Trust Corporation
Media Relations:
Bill
Mendel, 212-397-1030
bill@mendelcommunications.com
or
Shareholder
Relations:
Steve Altebrando, 646-652-8473
investors@cimcommercial.com
